Inox Wind Ltd Secures ~ Rs. 2,200 Cr Facilities Without Corporate Guarantees

Inox Wind Ltd, a leading wind energy solutions provider in India, has signed a consortium agreement with a group of banks led by ICICI Bank for limits of approximately Rs. 2,200 crores. The agreement is likely to be enhanced further to approximately Rs. 2,400 crores. The sanctioned limits are largely non-fund based, consisting of bank guarantees and letters of credit. The agreement is based on the financial strength of IWL's balance sheet and without the requirement of any corporate guarantees or support from Gujarat Fluorochemicals Ltd. The arrangement has led to the vacating of any prior corporate guarantees or support extended to IWL by Gujarat Fluorochemicals Ltd. The consortium includes ten banks, with ICICI Bank as the lead. This development signifies the confidence of the banking community in IWL's financial strength, backed by its strong operational performance and robust outlook.